Iowa Code Title XI. Natural Resources [Chs. 455-485] § 468.70. Installment assessments--interest-bearing warrants--improvement certificates

1. The board may provide by resolution for the payment of assessments in not more than twenty annual installments with interest at a rate determined by the board, notwithstanding chapter 74A. The board may issue warrants bearing interest at the same rate, which warrants shall be numbered and state a maturity date, in which event the warrants shall bear interest from the date of issuance without being presented for payment and marked unpaid for want of funds. The warrants may be sold by the board for cash in an amount not less than their face value, together with any accrued interest.

2. The board may provide by resolution for the issuance of improvement certificates payable to bearer or to the contractors, naming them, who have constructed the improvement or completed any part of the improvement, in payment or part payment of such work.